Fédération des Caisses Desjardins du Québec renews its €7B MTN program

On April 4, 2019, the Fédération des caisses Desjardins du Québec, the largest financial services co-operative in Canada, filed a base prospectus with respect to its €7-billion Global Medium Term Note (GMTN) Programme. Fédération des caisses Desjardins du Québec’s GMTN Programme is the first debt funding program set up by a financial services co-operative in Canada to provide for the issuance of bail-inable notes since the coming into force of the bail-in regimes for systemically important Canadian financial institutions in 2018 and 2019 and the adoption in Québec of the comprehensively revised Act respecting financial services co-operatives on June 13, 2018.

Fédération des caisses Desjardins du Québec was represented internally by Luc Boucher and Philippe Tommei.

Stikeman Elliott LLP acted as Canadian counsel to Fédération des caisses Desjardins du Québec, with a team composed of Maxime Turcotte, David Tardif, Julien Michaud and Jérémie Ste-Marie (Securities), Peter Hamilton (Regulatory) Serge Levy and John Simpson (Banking) and Franco Gadoury and Nathaniel Lacasse (Tax).

Mayer Brown acted as U.S. and U.K. counsel to Fédération des caisses Desjardins du Québec, with a team composed of James Taylor and Edward S. Best.

The dealers were represented by Norton Rose Fulbright LLP and Norton Rose Fulbright Canada LLP (advising on Canadian law and English law),with a team comprised of Peter Noble, Eric Reither, Jules Charette, Jacqueline Heng, Alison Hutchings and Jess Ong, and by Sidley Austin LLP with a team composed of Michael T. Kohler and Vivian Root.

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